Nigeria spent N836.67 billion on the importation of Premium Motor Spirit, PMS, also known as petrol, and other petroleum products in the second quarter of 2019, according to data obtained from the National Bureau of Statistics, NBS.
Data obtained from the NBS Foreign Trade in Goods Statistics for the Second Quarter of 2019, showed that the amount spent on the importation of PMS and other petroleum products rose sharply by 193.98 percent from N284.599 billion spent on the importation of the product in the first quarter of 2019.
Specifically, of the total amount, spent on the importation of petroleum products, the report noted that N575.28 billion was spent on the importation of PMS, representing a 201.55 percent increase compared to N190.777 billion spent on importation of the commodity in the first quarter.
In addition to PMS import, the NBS explained that light fuel oil importation gulped N130.879 billion, while gas oil importation stood at N130.51 billion in the second quarter of 2019. In comparison, it disclosed that gas oil importation stood at N62.22 billion, while N31.61 billion was spent on the importation of lubricating oil in the first quarter of 2019.
Generally, the report noted that in the second quarter of 2019, total trade grew by 4.42 percent compared to the first quarter of 2019, and by 24.16 percent relative to the second quarter of 2018.
The report stated that combined with the first quarter of 2019 performance, the value of total trade as at half-year 2019 was 15.43 percent higher than for the same period in 2018.
The report added that the value of total imports rose by 8.20 percent compared to imports in the first quarter of 2019, and by 65.21 percent over the corresponding quarter of 2018.